10th Dec 2019 16:54
(Alliance News) - Asiamet Resources Ltd on Tuesday said it had a "very active" 2019 so far, with a number of milestones being achieved.
Despite that, the company said it is not aware of any operational or corporate reason for the "large" share price movement on Monday.
The stock closed 13% higher in London on Tuesday at 2.00 pence a share, after closing 30% lower on Monday.
During the year, the company said it has completed a comprehensive drilling program at the BKM project in Indonesia, with some "good" copper results identified. As a result, Asiamet said it had increased its contained copper metal inventory from 1.4 million tonnes in 2016 to 2.4 million tonnes of contained copper in 2019.
Turning to its KSK contract of work and Beutong Izin Usaha Pertambangan projects, also in Indonedia, Asiamet said both licences are in full compliance and in "good" standing. The company said it is awaiting a drilling permit for further exploration work over the proposed production area to be granted from the government.
Once approved the company said it will use its own drilling rigs and personnel to drill the four strategic targets identified.
At Beutong, the strategy remains to test the deeper targets and the higher grade copper-gold zones of the porphyry system, Asiamet said.
"The copper market continues to trade sideways as a number of macro factors such as US-China trade negotiations and Brexit continue to drive uncertainty with respect to global growth. However, we are starting to see global copper inventories fall with restocking across Asia providing some short term support to the copper price," the company said in its statement Tuesday.
It added: "With a copper dominant portfolio and two projects in different stages of maturity the company is well placed to take advantage of upcoming shortage in copper supply."
By Evelina Grecenko; [email protected]
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